Health Insurance: 3 Big Reasons Why It Matters for the Self-Employed

Individual and Family

Health Insurance: 3 Big Reasons Why It Matters for the Self-Employed

Published on January 11, 2018


You’ve probably considered all the ways having health insurance could help your overall health—but did you know that having health insurance can actually do a lot more for you as a self-employed individual?
Read on to see three big reasons why buying individual health insurance can help you and the wellness of your business.

1. Finances

As a self-employed individual, you may have more responsibility than most when it comes to the finances of your business. Investing in self-employed health insurance (as also known as individual health insurance) can help protect your finances by helping with unexpected medical costs.
In addition to being a cushion against unexpected medical emergencies and costs, insurance may give you discounted rates at doctors’ offices. Consistently keeping up with your health needs might prevent any major illnesses in the future, and you might be more motivated to go when the office visits are covered through an individual health insurance plan. If you’re kept at home with an illness or injury that could have been prevented by a doctor’s visit, you could see a drop in your income due to inability to work. You might have to pay coinsurance, copayments, and/or a deductible, depending on the plan.
You might also benefit from an ACA tax credit for having self-employed health insurance, which is meant to help cover the cost of your monthly premiums, if you qualify.

2. Livelihood

Do you ever feel stressed about what would happen if you can’t work? You’ve probably put a lot of time and passion into your business. The work you do might be more than just your sole source of income—maybe you think of it as your “baby”. Don’t let your health and unexpected medical costs be a reason for losing that.
If you are self-employed, a major injury or hospitalization could result in bankruptcy if you do not have any health insurance. Being unable to work, and then having thousands of dollars in medical bills is hard to come back from. But if you cover yourself with individual health insurance, you will likely have some help with the healthcare costs from your insurance company, you might even be able catch a medical issue before it progress, and you’ll be healthy and present to see your business and clientele continue to grow.

3. Health

This one is pretty obvious—but that doesn’t make it any less important. Your health has a direct impact on your livelihood as a self-employed individual. If you don’t have vacation days, paid sick days, or paid time off, it’s very important for you to be healthy and capable of working.
Having health insurance might encourage a healthier lifestyle. That’s because regular checkups and preventative care will typically be covered, either in part or full, by your insurance. Having access to quality health care providers at an affordable rate is a huge advantage of having health insurance, and can help keep you ready for work rather than at home feeling sick.
Additionally, insurance can pay for some significant healthcare costs. When the cost doesn’t fall on you alone, you may be more likely to do things like get antibiotics when you need them, or go to a doctor for aches and pains that could get worse with time. Making these moves will can keep you in good health, and may make a huge difference in the long run.

Health insurance can be possible for you

If you read this article, but are still thinking that you can’t afford individual health insurance, don’t worry. Visit where you can compare rates, get quotes on affordable individual health insurance plans, and learn about alternative options. You can also read about what the best individual health insurance plan is for you, in order to get an idea of what you’re looking for.

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